econ final 4

  1. One possible economic solution to the overhunting of rhinos is to​ __________.
    allow private conservation organizations to purchase the rhinos and their habitat.
  2. The overhunting of rhinos is an example of
    tragedy of commons
  3. Tax incidence refers to​ ____________.
    who bears the burden of a tax.
  4. Is the entire burden of the tax always borne by those on whom it is​ imposed?
    Not​ necessarily, since the burden of the tax depends on price elasticity.
  5. Which of the following is a cost associated with government intervention in an economic​ system?
    reduce poverty
  6. A production function shows​ ____________.
    the number of workers employed and the corresponding output levels that will be produced.
  7. According to the Law of Diminishing​ Returns, ____________.
    the marginal productivity of an additional unit of labor eventually decreases as the quantity of labor increases.
  8. welding and painting robots on auto assembly lines
  9. Laser measuring tools for construction workers
  10. The demand curve is downward-sloping because marginal productivity ____rises as more workers are employed, while the supply curve is upward-sloping since an increase in the wage increases the opportunity cost of work____
    falls, lesuire
Card Set
econ final 4